Max Life Future Genius Education Plan

What this plan offers you

 

• Complete financial security through immediate payout/s & future moneybacks – 
  
  Death Benefit
  Choice of Lump sum payable immediately or monthly income for 135 months (starting from the month following the death of Life Insured) to nominee.
  
  Policy Continuance Benefit 
  Waiver of all future premiums ensuring that your dream for your child’s future education is taken care of, even in your absence. Moneyback and Maturity Benefits are paid to your beneficiary as and when due.

 

• Living Benefit to ensure your child’s dreams turn to reality –
  
  Guaranteed Moneybacks during your child’s graduation years
  4 guaranteed moneybacks payable annually in the last 4 policy years for your child’s college education expenses. Each moneyback is equivalent to 25% of the Sum Assured.
  
  Lump sum Maturity Benefit to support your child’s future endeavors
  The Accrued Paid Up Additions (if any) and Terminal Bonus (if any) are payable at the end of Policy Term to provide for a seed capital or to ensure financial planning for higher studies.

 

• Flexibility to customize the plan as per your needs –
  
  At the time of Purchase
  Choose any policy term from 13 years to 21 years basis your child’s graduation needs.
  You also have an option of two premium payment terms to choose from: 
  • 8 years fixed premium payment term
  • Policy Term less three (3) years
  
  
  At the time of Moneyback
  You don’t know today what career your child will pursue in the future. This unique feature gives you the flexibility to defer or discount your moneybacks and take them during the last three (3) policy years as per your needs thus ensuring that you are not constrained by the choice that you have made years ago. Hence, customize the timing of your moneybacks according to your child’s graduation needs at the time of receiving the 1st moneyback.

 

• Enhanced protection through Riders – 
  Option to choose from 3 riders to increase your protection cover against death, disease or disability.

 

• Tax Benefit – 
  Tax benefits apply to the premiums paid and benefits received by you as per the prevailing tax laws.

Plan Benefits

 

Death Benefit

 

 

Following shall be payable on death of the Life Insured during the Policy Term provided the Policy is in-force:-

• Death Benefit; plus
• Policy Continuance Benefit

1. Death Benefit is payable immediately on death of the Life Insured and is defined as higher of:

• 11 times the Annualised Premium*,
• 105% of all premiums paid as on the date of death of Life Insured,
• Guaranteed Sum Assured on Maturity**
• Any absolute amount assured to be paid on death#

 

*Annualised Premium includes extra premium (if any) but excludes any loadings for modal premiums and remains same irrespective of the premium payment mode.

 
**Please note that the Guaranteed Sum Assured on Maturity under this product is 25% of the Sum Assured which is the last annual moneyback payment paid at the maturity of the policy (end of policy term) as mentioned under ‘Moneyback Benefits’. 

#Absolute amount assured to be paid on death is equal to Sum Assured (SA). This SA is the amount chosen by the Policyholder basis which the premium amount for the Policy is determined.

 

2. Policy Continuance Benefit – All due premiums, if any, coinciding or following the date of death of the Life Insured shall be waived and the Policy will continue as is and the Moneyback and Maturity Benefit shall be payable to the beneficiary as and when due. Policy shall participate in future bonuses.

 

Settlement Option

 

Nominee will have the following two settlement options to receive the Death Benefit:-

• Lump Sum Benefit: Nominee can choose to take the entire Death Benefit as lump sum payout
• Monthly Income for 135 months: Nominee can choose to take 1% of Death Benefit as monthly income which will be payable for 135 months

Moneyback Benefit

 

Four (4) moneybacks each equal to 25% of Sum Assured are payable in the last four policy years.
Each moneyback is scheduled to be paid at end of each policy year as shown below:-

• Moneyback 1 (Policy Term less 3 years)
• Moneyback 2 (Policy Term less 2 years)
• Moneyback 3  (Policy Term less 1 year)
• Moneyback 4 (at the end of Policy Term)

 

Discounting and Deferment options

 

The product offers the flexibility to discount and/or defer the moneyback payments.

Timing for exercising the option: The Company shall send a communication to the Policyholder six months before the date of the first moneyback payment mentioning the schedule of his/her moneyback payments and the option to discount and/or defer moneyback payments. The Policyholder will then have the option to choose the timing of his/her moneybacks (discount / defer) and submit his/her choice to the Company at-least 3 months before the date of the first moneyback payment.

The schedule showing the timing of original moneybacks and the maximum number of months for which each moneyback payment can be discounted / deferred is given in the below table.

 

Moneyback Payment	Default timing of moneyback (in years)	Maximum Number of months by which moneyback can be Discounted	Maximum Number of months by which moneyback can be Deferred
1st	Policy Term – 3	NA	36
2nd	Policy Term – 2	12	24
3rd	Policy Term – 1	24	12
4th	Policy Term	36	NA

 

Maturity Benefit

 

On maturity, the following benefit will be paid:

1.         Accrued Paid Up Additions (if any) or Cash Bonus (if any), whichever is applicable, plus

2.         Terminal Bonus (if any)

Please note, the Accrued Paid Up Additions and Terminal Bonusare payable under the Policy only if they have accrued on the Maturity Date and these amounts are not guaranteed. Any installment of the Moneyback Payment which is due on the Maturity Date is guaranteed

The policy gets terminated after payment of the maturity benefit though monthly incomes remaining (if any) under settlement option shall continue, if not commuted.

 

Bonus Options

 

The three bonus options available under the product are as below:-

1. Paid In Cash – Bonus declared by the Company every year is paid out to the Policyholder as and when declared 

2. Premium Offset – Cash Bonus declared by the Company will be used to offset future premiums payable by the Policyholder. 

3. Paid Up Additions (PUA) – Bonus declared by the Company will be used to purchase Paid Up Additions (PUA). These PUA increase the Living and Death Benefits under the policy and will be payable in full on the earlier of Maturity. Also, these PUA will earn further bonuses to increase the value of the policy. In case of Surrender, surrender value of the PUA will be paid to the Policyholder

 

Paid Up Additions (PUA) withdrawal Option

 

The Policyholder can take the surrender value of the accrued PUA (partially or in full). The remaining PUA will continue to participate in bonuses.

Minimum Withdrawal amount – Rs. 5,000

Maximum Withdrawal amount – Subject to maximum PUA cash value available

 

Terminal Bonus

 

Terminal Bonus is an additional bonus paid only ONCE on the earlier of Surrender or Maturity provided the Policy has been in force for at least 5 years.